In the report, Wunderlich Securities noted, “Hold-rated DISH Network shares rallied 2.5% on Friday off reports that Verizon (VZ-NR) may buy its spectrum at a $17B+ price. We are already carrying a $19B + pre-tax spectrum sale valuation (the alternative shared network build bogey is $14.3B), so this may not be much of a positive unless DISH has ride along rights for its own mobile offering.

"We indicated in May that the most probable scenario for DISH's mobile development is a Sprint (S-NR) network sharing arrangement as a concession to Washington for grudgingly acceding to a Sprint T-Mobile US (TMUS-NR) deal. However, new FCC spectrum screen rules and 600 MHz auction caps support VZ's interest. The golden child ($84 2015 upside) scenario for DISH may be getting TMUS after Washington nixes a Sprint deal over the next 18 months.”